Bloomberg Law
Free Newsletter Sign Up
Bloomberg Law
Welcome
Go
Free Newsletter Sign Up

Fieldwood Energy Approved to Seek Votes on Chapter 11 Plan

April 14, 2021, 10:12 PM

Fieldwood Energy LLC won bankruptcy court approval of its disclosure statement, allowing the offshore oil driller to solicit votes for its Chapter 11 plan.

The restructuring plan would allow the company to recapitalize debt, preserve 1,000 jobs, and continue to operate its assets in the Gulf of Mexico as going concerns, according to the company’s disclosure statement. The plan will also would set aside money for Fieldwood to meet its obligations to plug and decommission abandoned wells.

Judge Marvin Isgur of the U.S. Bankruptcy Court for the Southern District of Texas approved the amended disclosures after a hearing Wednesday.

The ...

To read the full article log in.

Learn more about a Bloomberg Law subscription.